Regarding the relationship between overseas virtual currency exchange Bitget and the Financial Services Agency, are Japanese people prohibited from registering and using it? Is it a dangerous exchange that has been warned about? I will explain it in the article. Bitget is a very famous virtual currency exchange in the world, with 8 million users worldwide. Under such circumstances, many Japanese users are also using it, so are there any problems with using it in Japan? I will summarize it in an article.
Bitget company profile and safety
Bitget is a virtual currency (crypto asset) exchange based in Singapore and was established in 2018. It is one of the top exchanges on CoinMarketCap, and has over 8 million users in over 100 countries around the world, making it one of the most popular and recommended exchanges worldwide. Copy trading is very popular on Bitget. It has the advantage of being easy to make profits just by setting it up, but it is also possible to make a lot of money on your own. Currently, Lionel Messi has a partnership contract.
Source : Bitget
Financial license acquisition
Bitget has comprehensive financial licenses in the United States, Canada, and Australia. Bitget has obtained three licenses from the Financial Services Agency since 2020, and the necessary conditions are strict and it is not easy to obtain one, so it can be said to be a somewhat reliable exchange. It is a financial institution that has regulations against money laundering, terrorist financing, etc., so it can be said to be quite safe.
| United States | FinCen |
| Canada | FINTRAC |
| Australia | AUSTRAC |
Establishment of protection fund
Bitget officially states that it has established its own $300 million protection fund. What this means is that if Bitget is hacked and the user’s assets are damaged, the user’s assets will be protected. If you have suffered damage from fraud due to hacking or information leaks, you will now be able to apply for compensation from the protection fund. It’s guaranteed so you can feel very safe.
Distribution of registered users
Bitget has become a globally popular exchange and has the characteristic of having registered users all over the world. According to TradersUnion, a review site for virtual currency exchanges around the world, there are many users in Russia, South Korea, Mexico, Venezuela, Ukraine, Japan, India, and the United States. The main attraction is that there are many users in the Americas. The exchange is often featured in news stories in the media, so it attracts a lot of attention.
Source : TradersUnion
Is Japanese use prohibited? Is it safe?
In conclusion, Bitget can be used without any problems even by Japanese people. Although it is not illegal for Japanese people to use Bitget, it is not permitted by the Japanese Financial Services Agency. Therefore, when Japanese people use it, they do so at their own risk. However, if you use it, it is not illegal and you will not be arrested, so please rest assured when considering it.
Received a warning from the Financial Services Agency
Bitget was previously solicited by the Financial Services Agency in March 2023 for providing virtual currency trading services to Japanese residents without permission due to the “name, etc. of a person engaged in unregistered cryptocurrency exchange business.” I have been warned for doing so. The following is the Internet URL, so you can check it.
Other exchanges have also been warned.
In fact, Japan’s Financial Services Agency is known to have some of the strictest restrictions in the world, and its regulations are quite strict. Perhaps for this reason, major cryptocurrency exchanges in the same industry such as Coinbase, Bybit, Binance, and MEXC have also received warnings in the past. Binance, Coinbase, etc. are withdrawing from Japan. Binance has launched a separate Japanese corporation. Because of this, I don’t know what will happen to Bitget in the future.
It is not illegal
It is not illegal to invest in projects. Although warnings have been issued in the list above, you can buy and sell while watching the price. Since it is a global company, even if you receive a report, there is no penalty as long as you do not make sales in Japan because it has a financial license overseas. You can hold listed BTC and ETH coins and trade them openly. However, in Japan, there is no legal protection in various areas, so it is at your own risk. Due to the company’s policy, Japanese people will be able to implement content in the future, so you can trade coins and other products.
Is Bitget a dubious exchange?
Is Bitget a dubious exchange? Actually, that’s not the case. It is one of the top exchanges in the world, so it is highly recommended for beginners. The rationale for this will be explained below. It supports a wide variety of currencies and tokens, including spot trading and futures trading, making it a large exchange by comparison. Although there are risks in investing, you can aim for profits by analyzing the market and making payments.
Maximum leverage 125x
The reason why Bitget has not been approved by the Japanese Financial Services Agency is that the maximum leverage is 125x. In Japan, there is a limit of 25 times, which makes it a very disadvantageous investment from an investor’s perspective. For this reason, we do not dare to obtain permission for important projects in Japan.
There is a zero cut system
The reason Bitget has not been approved by the Japanese Financial Services Agency is the zero-cut system. The zero cut system means that if you suffer a loss due to a loss of principal, Bitget will take over the negative margin and pay you down to zero. This will no longer be applicable once permission is obtained from the Japanese Financial Services Agency. That’s why I didn’t dare to get permission.
Highly rated by security agencies
As explained above, the exchange has a financial license. Furthermore, we received the highest rating of 3 stars from the security rating agency “Cyber security rating”. In addition to this, it also has two-factor authentication measures, such as Google authentication, fund codes, and anti-phishing codes, so it is highly secure.
Introducing Proof of Reserve
Bitget has introduced Proof of Reserve. Proof of Reserve is an audit procedure that allows a third party to easily check the status of assets deposited on an exchange by disclosing the public wallet. We have measures in place to prevent unauthorized misappropriation of customer assets, so customers can entrust their funds with peace of mind.
You can open an account for free
You can open an account for free. You can open an account from the link below, set your email and password, and start trading. You can also access and register from within Japan. Be sure to check the vendor’s terms of service and frequently asked questions. The market is very popular, and it is a popular exchange that ranks high in the exchange rankings, along with Bybit and Binance. We also accept Bitcoin, and you can make deposits and withdrawals. The latest campaigns are updated and announced at the center from time to time.
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